SUCCEED 20 / 20 BUSINESS VISION PLAN
This plan is intended to guide you and your business from a to z which will create value for your business and make your business lendable for business funding.
STEP 1
BUSINESS CONSULTANT
Is it necessary to have a business consultant to guide you through business formation and set up? Statics show that people that use business consultants to start or consult have a 72% success rate. This is because your business needs access to capital if its going to be successful.
STEP 2
OWNERS CREDIBILITY
Your credit report should have 5 to 7 primary accounts reporting on all three credit bureaus.
STEP 3
PERSONAL GUARANTEE
All blemishes on your credit report have to be removed in order to achieve a 720 plus credit score.
STEP 4
BUSINESS NAME
Your business name is the start of your brand. Your business name should be unique and have a domain and email address associated with it.
STEP 5
BUSINESS FOUNDATION
Your business commercial address and business phone number is the foundation of your business and will be put on everything.
STEP 6
BUSINESS ORGANIZATION
Your business should have its organizing documents before filing on Secretary of State. Your business articles and or bylaws or operating agreement need to be in place.
STEP 7
BUSINESS INCORPORATION
Your business entity should be filed in the correct order. The Secretary of State should be your first filing before any other filing.
STEP 8
BUSINESS FORMS
Your business entity classification forms and the business employee and contractor forms should be filed on behalf of your business.
STEP 9
BUSINESS ACCOUNTING
Every business entity should have an accounting software along with an accounting firm to make sure all transactions are accounted for.
STEP 10
BUSINESS MARKETING
Your business entity classification forms and the business employee and contractor forms should be filed on behalf of your business.
STEP 11
BUSINESS PROTECTION
Your business must be protected at all times. There are several layers of protection.
STEP 12
BUSINESS ADVERTISING
Your business must advertise in order to be successful. Select your different advertising tools.
STEP 13
BUSINESS PROJECTIONS
Your business projections is very important if you are a business less than two years old. Get your profit and losses, cash flow and balance sheet projections.
STEP 14
BUSINESS PLANNING
Your business should have a 5 year projected business plan for investors or loan officers to review. Before you borrow any money for the business make sure you have a plan for it.
STEP 15
BUSINESS CREDIT
Your business is now ready to establish business credit. Business Credit will be reflected on Business Experian, Dun and Bradstreet, and Equifax Business.
STEP 16
BUSINESS NET 30 ACCOUNTS
Obtaining net 30 accounts on your business credit is necessary if you want to get business funding. You should have 5 to 7 net 30 accounts reporting on your business credit.
STEP 17
BUSINESS REVOLVING ACCOUNTS
After you have established your net 30 accounts, you are ready to apply for business revolving accounts. These accounts will be store lines of credit that your business can use.
STEP 18
BUSINESS COLLATERAL/ TRADELINES
Your business is now ready to add business collateral that come from major accounts receivables that come form a strong company balance sheet along with a $30,000 business tradeline added to your business credit profile. This is enable the business to get business funding.
STEP 19
CREDIT CHECKS
Now it is time to check both your personal and business credit scores to make sure everything is in order. Personal credit should be above 720 and business Paydex score should be 80 and above.
STEP 20
APPLY FOR BUSINESS FUNDING
Now is time to apply for both personal funding and business funding to get the maximum funding. All offers will be different upon applying.